Overview and Scope
Product engineering service refers to the process of designing, innovating, developing, testing, and deploying a product. The product engineering services are used to create commercial digital products with a revenue model, not enterprise software, focused on boosting employee efficiency, streamlining operations, and cutting costs.
Sizing and Forecast
The product engineering services market size has grown strongly in recent years. It will grow from $980.78 billion in 2024 to $1063.14 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to globalization, rising complexity of products, consumer expectations, .
The product engineering services market size is expected to see strong growth in the next few years. It will grow to $1472.34 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to digital transformation, sustainability initiatives, remote work dynamics, cybersecurity concerns, ai and ml integration, industry 4.0 adoption. Major trends in the forecast period include technological advancements, digital twin adoption, edge computing solutions, 5g technology implementation, remote collaboration tools, customization and personalization.
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Segmentation & Regional Insights
The product engineering services market covered in this report is segmented –
1) By Service Type: Product and Component Design, Process Engineering, Maintenance, Repair and Operations, Other Service Types
2) By Organization Size: SMEs, Large Enterprises
3) By Verticals: Automotive and Transportation, Aerospace and Defense, Healthcare, IT and Telecom, Industrial Manufacturing, Energy and utilities,Media and entertainment,BFSI, Other Verticals
Top 5 Major Players:
North America was the largest region in the product engineering services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the product engineering services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Increasing use of internet penetration is expected to propel the growth of the product engineering services market going forward. Internet penetration refers to the number of people using internet services worldwide. Product engineering services such as software engineering services utilize internet computing for the development, management, deployment, and quality assurance of software supporting internet-based systems. As a result, increasing internet penetration increases the demand for product engineering services, as companies are developing new products to meet fast-growing consumer demands. For instance, in June 2021, according to The Economic Times, an India-based newspaper, the number of internet users in India is expected to reach 900 million by 2025, with an increase of 45% in the next five years. Therefore, increasing use of internet penetration is predicted to boost demand for product engineering services during the forecast period.
Key Industry Players
Major companies operating in the product engineering services market report are Alten SA, AVL List GmbH, HCL Technologies Limited, AKKA Technologies SE, International Business Machines Corporation, Accenture plc, ÅF Pöyry AB., Altran Technologies SA, Capgemini SE, Cognizant Technology Solutions, Endava plc, Globant S. A., Happiest Minds Technologies Limited, Infogain Corporation, Mindtree Limited, Tata Consultancy Services Limited, Wipro Limited, 3D Systems Corporation, ABB Ltd., Advantech Co. Ltd., AECOM Technology Corporation, Altair Engineering Inc., Amazon Web Services Inc., ANSYS Inc., Apple Inc., Applied Materials Inc., Arcadis NV, Autodesk Inc., BAE Systems plc, Bentley Systems Incorporated
The product engineering services market report table of contents includes:
1. Executive Summary
2. Product Engineering Services Market Characteristics
3. Product Engineering Services Market Trends And Strategies
4. Product Engineering Services Market – Macro Economic Scenario
5. Global Product Engineering Services Market Size and Growth
…..
31. Global Product Engineering Services Market Competitive Benchmarking
32. Global Product Engineering Services Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Product Engineering Services Market
34. Product Engineering Services Market Future Outlook and Potential Analysis
35. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Product Engineering Services Market, Segmentation By Service Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Product Engineering Services Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Product Engineering Services Market, Segmentation By Verticals, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 74: Alten SA Financial Performance
Table 75: AVL List GmbH Financial Performance
Table 76: HCL Technologies Limited Financial Performance
Table 77: AKKA Technologies SE Financial Performance
Table 78: International Business Machines Corporation Financial Performance
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